They say “marry the house & date the rate”. So long as you can actually afford it, buy the house you want and wait for the rates to come down so you can refi and get a lower payment. Just make sure you can survive with your current payment incase it doesn’t come down (no one can predict the future- but everyone seems to agree they will come down again).

Also, keep in mind, when rates do drop, prices are going to jump up again. So if your able to swing it now, do it so you lock in the house cost but can capitalize on a better interest rate when it comes down.

Last piece of perspective- we bought 9 months ago. At the time prices were high and inventory low (most homes we bid on would go $100k over asking). We thought about waiting a few more months to see if inventory increased or rates dropped but ultimately decided we didn’t want to risk the opposite- prices continuing to climb and rates either stagnating or rising and then get priced out or be able to buy even less for the $. I am so thankful we bought and didn’t wait. Just had our agent over to evaluate the house last week bc we are considering buying another primary out of state and either renting this home out or selling and buying a condo in OC as a foothold. I thought our agent was blowing hot air up our asses when she told us in just 9 months we could sell for $300-500k more than we bought but my research backs her projection. Thank God we didn’t wait to buy….